Accelerating the EU’s green transition

Martin Borowiecki, Joaquín Calvo Giménez, Federico Giovannelli and Francesco Vanni

No 1777, OECD Economics Department Working Papers from OECD Publishing

Abstract: The EU’s ambitious Green Deal aims at achieving net zero emissions by 2050. The EU is starting from a relatively good position. It has successfully reduced greenhouse gas emissions over the past decade. But further efforts are needed to reach the net zero target. These include an extension of emission trading to agriculture and the phase-out of generous subsidies for fossil fuels. Such efforts should be complemented by additional measures to shift to clean energy, notably more integrated electricity markets and deeper capital markets that provide the necessary investment in new technologies. Accelerating the green transition will also involve costs for displaced workers. Bolstering workers’ mobility and training will help improve labour reallocation and reduce transition costs.

Keywords: agriculture; climate change mitigation; energy; European Union; transport (search for similar items in EconPapers)
JEL-codes: H23 Q15 Q18 Q42 Q48 Q58 R48 (search for similar items in EconPapers)
Date: 2023-11-20
New Economics Papers: this item is included in nep-agr, nep-ene and nep-env
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Persistent link: https://EconPapers.repec.org/RePEc:oec:ecoaaa:1777-en

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